Noncontrolling Interests

Net income attributable to noncontrolling interests included the following amounts:



	Years Ended March 31,
	2019		2018		2017
Net income attributable to redeemable noncontrolling interests	$	28,029	$	42,872	$	52,050
Net income attributable to nonredeemable noncontrolling interests	8,413		8,403		7,397
Total	$	36,442	$	51,275	$	59,447

The following table presents the changes in redeemable and nonredeemable noncontrolling interests:



	Redeemable noncontrolling interests
	Consolidated investment vehicles⁽¹⁾ and other			Affiliate
	Consolidated investment vehicles⁽¹⁾ and other			Noncontrolling interests			Management equity plans			Total			Nonredeemable noncontrolling interests⁽²⁾
Value as of March 31, 2016	$	94,136		$	68,922		$	12,727		$	175,785		$	22,202
Net income attributable to noncontrolling interests	11,452			40,598			—			52,050			7,397
Net subscriptions (redemptions) ⁽³⁾	(47,118		)	2,531			—			(44,587		)	—
Distributions	—			(29,461		)	—			(29,461		)	(6,401		)
Grants (settlements), net	—			—			5,986			5,986			4,600
Business acquisition	—			508,817			—			508,817			—
Foreign exchange	—			(153		)	—			(153		)	—
Vesting/change in estimated redemption value	—			—			9,335			9,335			—
Balance as of March 31, 2017	58,470			591,254			28,048			677,772			27,798
Net income attributable to noncontrolling interests	6,656			36,216			—			42,872			8,403
Net subscriptions (redemptions) and other	59,921			(2,693		)	—			57,228			—
Distributions	—			(53,388		)	—			(53,388		)	(8,470		)
Foreign exchange	—			381			—			381			—
Vesting/change in estimated redemption value	—			2,180			5,250			7,430			—
Balance as of March 31, 2018	125,047			573,950			33,298			732,295			27,731
Net income attributable to noncontrolling interests	776			27,253			—			28,029			8,413
Redemptions	(22,193		)	—			—			(22,193		)	—
Settlement of affiliate noncontrolling interest put:
Payment	—			(15,547		)	—			(15,547		)	—
Change in redemption value	—			(12,345		)	—			(12,345		)	—
Distributions	—			(29,815		)	—			(29,815		)	(8,760		)
Grants (settlements), net	—			—			(1,325		)	(1,325		)	2,400
Foreign exchange	—			(4,738		)	—			(4,738		)	—
Vesting/change in estimated redemption value	—			1,837			16,178			18,015			—
Balance as of March 31, 2019	$	103,630		$	540,595		$	48,151		$	692,376		$	29,784

(1) Related to VIE and seeded investment products.

(2) Related to Royce management equity plan.

(3) Includes the impact of the adoption of updated consolidation accounting guidance.

The following table presents the changes in redeemable noncontrolling interests by affiliate (exclusive of management equity plans):



	Redeemable noncontrolling interests
	EnTrust Global			Clarion Partners			RARE Infrastructure			Other			Total
Balance as of March 31, 2016	$	—		$	—		$	67,155		$	1,767		$	68,922
Net income attributable to noncontrolling interests	22,146			12,171			5,742			539			40,598
Subscriptions (redemptions), net	—			—			—			2,531			2,531
Distributions	(20,494		)	(4,298		)	(3,997		)	(672		)	(29,461		)
Business acquisition	403,200			105,300			—			317			508,817
Foreign exchange	—			—			(153		)	—			(153		)
Balance as of March 31, 2017	404,852			113,173			68,747			4,482			591,254
Net income (loss) attributable to noncontrolling interests	19,709			13,172			3,474			(139		)	36,216
Subscriptions (redemptions), net	—			—			—			(2,693		)	(2,693		)
Distributions	(37,677		)	(11,253		)	(4,317		)	(141		)	(53,388		)
Foreign exchange	—			—			381			—			381
Change in estimated redemption value	—			2,180			—			—			2,180
Balance as of March 31, 2018	386,884			117,272			68,285			1,509			573,950
Net income (loss) attributable to noncontrolling interests	9,735			16,127			1,660			(269		)	27,253
Distributions	(15,935		)	(11,734		)	(2,134		)	(12		)	(29,815		)
Settlement of affiliate noncontrolling interest put:
Payment	—			—			(15,547		)	—			(15,547		)
Change in redemption value	—			—			(12,345		)	—			(12,345		)
Foreign exchange	—			—			(4,738		)	—			(4,738		)
Change in estimated redemption value	—			1,837			—			—			1,837
Balance as of March 31, 2019	$	380,684		$	123,502		$	35,181		$	1,228		$	540,595

Redeemable noncontrolling interests of 35% of the outstanding equity of EnTrust Global, 18% of the outstanding equity of Clarion Partners, and 15% of the outstanding equity of RARE Infrastructure can be put by the holders or called by Legg Mason for settlement at fair value subject to various conditions, including the passage of time.

On July 2, 2018, the corporate minority owner of RARE Infrastructure exercised the put option for its 10% ownership interest. The settlement value of $15,547 was based on the midpoint of the valuations determined by the independent valuation experts appointed by Legg Mason and the corporate minority owner and was paid in October 2018, along with $981 of dividends in arrears. The $12,345 difference between the settlement value and the carrying value of the noncontrolling interest of $27,892 on the settlement date was recorded as an increase to Additional paid-in capital.

On May 10, 2019, Legg Mason purchased the 15% equity interest in RARE Infrastructure held by the firm's management team for total consideration of approximately $22,200, including $2,362 of dividends in arrears. The initial cash payment of $11,967 approximated the related fair market value, along with related dividends in arrears, and was made on May 10, 2019. The balance of approximately $10,100 will be recorded as Compensation and benefits in the quarter ended June 30, 2019, and subject to certain conditions, will be due 50% one year after closing and 50% two years after closing. This purchase was part of our strategic restructuring, as further discussed in Note 17, to pursue operational efficiencies between RARE Infrastructure and ClearBridge that will reduce costs and enhance growth opportunities for both of the businesses.